Senators Rand Paul, Jim DeMint and House member Mike Lee have introduced federal legislation that would exempt gold and silver coins, issued by state governments as legal tender, from federal taxation.
This bill, called the Sound Money Protection Act, is intended to protect efforts by states, such as Utah, who have declared gold legally money.
In particular, reports The New American, it would protect from federal gains taxation transactions between legal money in states which are species (e.g. gold or silver) and paper.
NA speculates that the bill is also intended to protect dealers in gold from being hamstrung by federal moves to effectively debilitate small-scale private sales of gold.